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I have done my research on illegal payday loans and I know that the principal amount only should paid off. My question is do I have to pay these illegal lenders anything? I am in over my head in debt and it would be nice to just forget about these loans and not have to worry about paying anything on them. Since the contracts are illegal am I obligated to pay back the principal legally or is it just a moral thing to pay them the principal back?
Nice to just forget about these loans
Welcome to the forums!!!
Legally you are not responsible to pay them a penny since the agreement is invalid. If you want you can pay back only the principal to your illegal lenders. Nothing more than that. Close down your old bank account and open a new one to stop debiting money from your account.